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Posts Tagged ‘Returns…..’

If a civil case forces you to return prior income, can you adjust your previous tax returns?

22 Aug

Say my business make 100k this year. And next year, a civil suit claims that income was an ill-gotten gain, and I have to settle and return the 100k I made.

Can I go back and amend my prior year’s tax return and get a refund for the taxes I paid on my 100k income, since that income is now 0? Or do I claim a loss on the present year income, because that would be catostrophic given that I cannot recover the taxes paid.
P.S. Yes, I will talk to an accountant next week, but I just wanted some idea for now.

 
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Doing your own tax returns or having a professional prepare them??

09 Aug

Is it better to do you own taxes or should you get them done by a professional tax preparer?

 
6 Comments

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Filing OR state Tax returns for international student?

07 Aug

I did a 6 month internship in OR, and I am an international student. Can someone tell me best way to file returns. Which is best site that helps in filing OR tax?

 
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Do you think Hillary might just be embarassed by something on her tax returns?

18 Jul

I mean, based on past history.

Bill Clinton did not earn only $35,000 as Governor. His expenses were often paid out of various state funds, including a $51,000 “food allowance” and a $19,000 “public relations” fund, never claimed as income.

Hillary Clinton’s aggressive tax deductions, included $1,000 to more than $2,300 a year for used clothing donations. Hillary annually gave bags of used clothes to Goodwill and the Salvation Army. Taking time from her arduous schedule, she personally catalogued each piece and its value, such as $10 each pair for Bill’s old running shoes, $3 for Bill’s used undershirts and $1 a pair for Bill and Chelsea’s underwear.

Despite Bill Clinton’s siding with “those who work hard and play by the rules,” While the President threw nominees overboard for not paying taxes on nannies, the Clintons never paid taxes in 1980 on

their state-funded nanny, Dessie Sanders. In 1981 and 1982, when

Clinton was out of office, they claimed a child care exemption for

Sanders’ services, but still didn’t pay any Social Security taxes for her.

A 1981 audit showed that Chelsea’s nanny, Dessie Sanders, was

employed at the governors’ mansion from the time of Chelsea’s birth to

the time Clinton left office. The State of Arkansas does not pay for

nannies, so Governor Clinton had Dessie Sanders listed on the payroll as

a security guard.

Helen Dickey (also known as ‘a white house aide’, a title that put her on the government payroll) was one of Chelsea’s nannies in the white house but Becky Brown and Dessie Sanders raised Chelsea for the biggest part of her life.

Becky Brown was on the payroll as an ‘assistant administrator’ in the governor’s mansion. In reality, she was Chelsea Clinton’s nanny, but the formal title meant that her salary could be paid by the state, thus landing the taxpayers of Arkansas with the financial liability for bringing up Chelsea. The Clintons even managed to claim tax relief for the statefunded nanny.

The Clintons also have a history of what they call “oversights” when it comes to their taxes.

One example:

In 1994 The Clintons paid the Internal Revenue Service and the Arkansas state government $14,615 in back taxes and interest, after failing to report profits from a commodities-trading venture to the IRS. They said it was simply a mistake, an “oversight”.

How greedy and trashy can a person get?

If you want links, there are 13,300 to choose from here:

http://www.google.com/search?hl=en&q=clinton+personal+tax+deductions+underwear

For the verification on the nannies, just google their names plus words like ‘nanny’, ‘Clinton’, ‘Chelsea’, ‘tax’, etcetera.
Hmm, I have no idea why the copy/paste was all choppy up there in the middle…Weird.
@Benedict: This is more than dishonest. It’s just so greedy. They had more than enough money to raise one child, but they made taxpayers pay for her entire childhood. Then they claimed tax relief for it in addition to that. And deducting for used underwear? Who else would DO that? Even if it wasn’t ALL fraud, it’s still just so….wrong.
@Carl: Don’t you think it gives some idea of what type of people they are? Don’t you want to know what type of person you might be electing?

I honestly never cared much for the Clintons because of all the shady things they have been involved in, and the fact that many of their friends and business partners are felons, but I seriously had no idea they were this low-class…..This is just trashy.
And they called Paula Jones “trash”. I bet Jones doesn’t deduct income tax for used underwear. I have never heard of anything like that before.
@Heidi: I agree, Chelsea’s nannies were good people. That truly turned out to be to Chelsea’s benefit. I think Chelsea turned out pretty well, and she’s a very nice person. Not like Hillary or Bill at all.
No GC, they’ve seen all of this. It’s old news now, I just happened to find it while looking up inclusions in transparency laws, one thing led to another. There are literally thousands of links that verify these things. But, the Clintons have ALWAYS managed to get away with their activities, well except for being fined for these tax discrepencies. What do you think “Teflon President” means?
I’m betting they find a way out of their upcoming fraud trial, too. I honestly believe that they won’t be charged.
OH, here’s over 600 links for their “oversight” too:

http://www.google.com/search?hl=en&q=%2414%2C615+clintons

 
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What is the difference between federal and state tax returns?

08 Jul

I want to try to file my taxes myself this year but I am a little confused about the state taxes. Do I have to file those and if so how would I do it? I was going to purchase the turbo tax program but I see online that they also offer the state tax program. Do I need both?

 
4 Comments

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If a married couple changes from a joint tax return to two returns, does this affect the total amount on tax?

07 Jun

The couple lives in Michigan. The husband is contemplating moving to Illinois to accept a job that would require him to live in Chicago. His wife would continue to live in Michigan. Therefore, they would have to file separate individual tax returns instead of a joint return. All other things being the same, would they have to pay more taxes in total because of having to file separate returns?

 
6 Comments

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If a married couple changes from a joint tax return to two returns, does this affect the total amount on tax?

07 Jun

The couple lives in Michigan. The husband is contemplating moving to Illinois to accept a job that would require him to live in Chicago. His wife would continue to live in Michigan. Therefore, they would have to file separate individual tax returns instead of a joint return. All other things being the same, would they have to pay more taxes in total because of having to file separate returns?

 
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Can you get tax returns on social security and medicare taxes that are witheld?

06 Jun

Can one get tax returns on social security and medicare taxes that are witheld just like you get refunds for federal and state taxes that are witheld?

 
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The IRS did not give me my tax returns, because the name was spelt wrongly in THEIR records. What do I do?

04 Jun

I got CA state tax refund with no problems. But these guys just sent this letter saying either the name or social security number does not match their records. Then they ask me to furnish proof of change of name! Damnit, I HAVE NOT CHANGED MY NAME! And the name on their records (which they provided in the letter) is correct, unless I am mistaken!

 
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What is the best way to avoid and garnishment from my wife wages and also income tax returns?

04 Jun

I am being sued for the about the amount of $3000. by Washington Mutal Bank credit card via a collection agent. I applied for this card many years back and I was the only one on the account. I need to know if the collection agent can get info about my wife and garnish her wages or income tax return. I do not work and have no other income. Is there any legal action on my part that I can take? Can I get help from lawyers with this issue?

 
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Is my federal and state tax return two different returns?

31 May

I am new to this, so when I was filing for my returns on turbotax, I noticed that when I was done filing for my federal returns, that sum of money went significantly smaller when I started my state returns. Does this mean that I am getting that amount back or am I getting 2 separate refunds, a state and federal? (Please, no smart a$$ comments, I just need someone nice to help me)

 
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How far back can I file late tax returns?

31 May

I was terribly lazy in college and did not file my tax returns as I did not make much money and didn’t really worry about getting $100 back from Uncle Sam. I figure I should probably go ahead and get these done, but the oldest is from 5 years ago. How far back can I go to file these returns? My brother tells me he thinks it is only 3 yrs back, but he’s pretty much just guessing. Can someone clarify thsi for me?

 
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How do you file 2 tax returns from living in two states? I live now in VA, but last year lived in TX?

25 May

I recently moved to Mclean, VA in October 2007, and started a job in Nov, 2007 that I am still currently employed at. Last year I lived and worked in Houston, TX. I have received my tax returns for both jobs. How exactly do I file that???

 
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How long do you have to keep Louisiana State Tax Returns? After 12 yrs can the come back on you?

21 May

The Louisiana Dept of Revenue is trying to say my husband owes taxes from 1994 & 1995 can they go back that far? How long are you supposed to keep LA state tax returns?

 
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